updated 12:25 pm EDT, Wed August 24, 2011

SK Telecom to bid on Hulu later this week

South Korean wireless provider SK Telecom is expected to join the Hulu bidding with its own offer later this week, a source toldSAI. It will be one of a few, though the others haven't been named. Hulu sent out a letter to all interested parties, asking them to send a non-binding expression of interest that includes what their bid range is once they do their due diligence of the company's finances, the source said.

SK Telecom is looking to expand internationally, but hasn't yet been successful in doing so. Back in March, SK considered buying Blockbuster to enter the US video market, but nothing came of it.

Hulu's value is dictated by what kind of content licensing deal it can get with current parent companies including News Corp, Disney and Comcast. Hulu stated in the letter that this would include exclusive PC streaming rights for three years and one-year exclusivity for Hulu Plus. The letter suggested these are the bare minimums, however.

Earlier reports had bids floating around the $1.5 billion mark, but the winning bid is expected to be closer to $2 billion.